Thursday, September 19, 2019

Stocks Modestly Higher into Afternoon on US Economic Data, Rising Fed Rate Cut Hopes, Technical Buying, Tech/Healthcare Sector Strength

 Broad Equity Market Tone:
  • Advance/Decline Line: Higher
  • Sector Performance: Mixed
  • Volume: Below Average
  • Market Leading Stocks: Performing In Line
Equity Investor Angst:
  • Volatility(VIX) 13.9 +.2%
  • Euro/Yen Carry Return Index 123.89 -.24%
  • Emerging Markets Currency Volatility(VXY) 8.23 +.61%
  • S&P 500 Implied Correlation 36.6 +2.2%
  • ISE Sentiment Index 89.0 unch.
  • Total Put/Call 1.28 +26.7%
  • NYSE Arms 1.55 +7.64%
Credit Investor Angst:
  • North American Investment Grade CDS Index 51.23 +.31%
  • America Energy Sector High-Yield CDS Index 383.0 +4.02%
  • European Financial Sector CDS Index 56.72 -1.78%
  • Italian/German 10Y Yld Spread 139.25 +.75 basis point
  • Asia Ex-Japan Investment Grade CDS Index 53.5 -.68%
  • Emerging Market CDS Index 201.60 -.97%
  • iBoxx Offshore RMB China Corporate High Yield Index 165.63 unch.
  • 2-Year Swap Spread -4.75 -1.5 basis points
  • TED Spread 24.75 +3.75 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -7.25 +3.75 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 65.79 -.11%
  • 3-Month T-Bill Yield 1.94% unch.
  • Yield Curve .03 -5.0 basis points
  • China Iron Ore Spot 87.88 USD/Metric Tonne -3.81%
  • Citi US Economic Surprise Index 41.30 +3.5 points
  • Citi Eurozone Economic Surprise Index -27.0 +.7 point
  • Citi Emerging Markets Economic Surprise Index -9.1 -.5 point
  • 10-Year TIPS Spread 1.60 unch.
  • 72.7% chance of Fed rate cut at Dec. 11th meeting, 84.2% chance of cut at Jan. 29th meeting
Overseas Futures:
  • Nikkei 225 Futures: Indicating -21 open in Japan 
  • China A50 Futures: Indicating +26 open in China
  • DAX Futures: Indicating -6 open in Germany
Portfolio:
  • Higher: On gains in my tech/medical/biotech sector longs
  • Disclosed Trades: None
  • Market Exposure: 100% Net Long

No comments: